(MENAFN - Kuwait News Agency (KUNA)) A forum themed "benefits of added value" got underway here on Saturday addressing issue of supporting smals and medium enterprises, sectors that secure jobs for many young Omanis.
The forum, organized by Muscat Bank and attended by eminent figures, namely Malaysian former premier Mahathir Mohammad, and representatives of international organizations namely the World Bank, is aimed at promoting existing investment and commercial opportunities and means of backing small and medium businesses.
Mohammad, in a statement at start of the forum, spoke about his nation's experience in this realm and the need to support such enterprises to create jobs for the youth and diversify resources of national income.
There are some 121,000 small and medium-sized enterprises (SMEs) in the Sultanate of Oman, according to the Ministry of Commerce and Industry (MOCI). They account for 90% of economic activity. While more than 40% of SMEs are in the retail sector, small businesses also have a significant presence in construction and contracting.
SMEs are said to account for 16% of GDP in Oman, and serving as a major source of employment.